Renewal Wheat Ridge purchased land that housed a contaminated transmission shop, Antiques shop and closed retail. Renewal Wheat Ridge cleaned the site, created a subdivision, completed all the infrastructure, found a developer and created 188 new affordable apartments for active adults. Total project cost including land purchase and land sale: $3,900,000. Private investment: Phase I - $13,000,000, Phase II - $12,000,000. Cost to taxpayers: $0

Renewal Wheat Ridge Active Projects

Hacienda Colorado Restaurant at Applewood

Renewal Wheat Ridge will review a Tax Increment Finance Agreement to provide gap funding for the construction of a Hacienda Colorado Restaurant in the Applewood Shopping Center. The high-scale Mountain MexR facility will be located on the closed site of the Wells Fargo drive-thru on Youngfield Street. The new restaurant will be approximately 9,500 sq. ft. and feature a second-story patio. The restaurant is anticipated to open in late 2018. Regency Board Presentation Financing Request for Hacienda Colorado

The Corners at Wheat Ridge

Renewal Wheat Ridge participated in the development at Wheat Ridges’ most highly visible corner at the southwest corner of Wadsworth Boulevard and West 38th Avenue. The previous GoFord site had been closed for almost 10-years when Renewal Wheat Ridge assisted the developer in funding a portion of the public infrastructure. Site will contain a 35,000 sq. ft. Lucky’s Market, up to 45,000 sq. ft. of additional shopping opportunities, and 230 market-rate apartments. Total Tax Increment: $6,200,000. Private investment: $85,000,000. Cost to taxpayers: $0

West End 38

Renewal Wheat Ridge will participate in the development of up to 150 new market-rate apartments and up to 8,000 sq. ft. of retail along west 38th Avenue at Upham Street. Total Tax Increment: $2,400,000. Private investment: $45,000,000. Cost to taxpayers: $0

Traffic Signal at 32nd Avenue and Xenon Street

Renewal Wheat Ridge will participate in a portion of the funding of a traffic signal at 32nd Avenue and Xenon Street exiting the Applewood Shopping Center. Total Investment: $110,000. Private investment: $85,000. Remainder of costs come from City general fund.

Overview

Renewal Wheat Ridge is authorized by State Statute C.R.S. § 31-25-101, et. seq., created by the City Council, and granted authority under the Urban Renewal Law "except as may be limited, constrained, or proscribed by any approved and adopted Urban Renewal Plan" (Code of Laws, Chapter 25, Article II, Section 25-22 Opens a New Window. ).